507 Normandy K · Delray Beach, FL 33484

$82,500

2 bd · 2.0 ba · 907 sqft · Condo public records · 38 Days on market

Built 1979 $682/mo HOA · 32% of rent

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Upgraded flooring
• Community amenities
• Renovated kitchen

Tags

• RENOVATED KITCHEN
• UPDATED BATHROOMS
• UPGRADED FLOORING
• ENCLOSED PATIO
• GARDEN VIEWS
• COMMUNITY AMENITIES

Property features AI

Finance

• Other: No pets allowed
• HOA & community: Monthly HOA fee (approx. $682) covering cable TV, insurance, grounds maintenance, security, common areas, common real estate tax, and recreation facilities; Community amenities include clubhouse, fitness center, pool, tennis courts, shuffleboard, bocce, pickleball, putting green, game room, business center, cafe/restaurant, community room, parking, and street lights; Senior community

Exterior

• Parking: Assigned parking and guest parking (1 open space)
• Security: Gated community with guard
• Utilities: Public water; Public sewer; Three-phase electric; Cable connected; Electricity connected; Water available
• Home design: Condominium; 2 stories; North-facing; Resale condition
• Construction: CBS construction; Other roof
• Exterior features: Covered patio; Screened patio; Patio

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central individual heating; Central individual cooling; Ceiling fan(s)
• Interior features: Walk-in closets; Negotiable furnishings
• Laundry & utility: Laundry closet with washer and electric dryer hook-ups inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $82k.

Deal economics

• At list price, monthly cash flow is $488 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $82k).
• Recommended offer: $80k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.4% vs local median 4.3% in Delray Beach — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#202 in FL, #3,160 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, commute A-; Watch: cost of living C-, crime D-, amenities F.
• Palm Beach (suburban): math 46% / reading 53% proficiency, ranked #34 of 73 in FL (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Orchard View Elementary School (math 48% / reading 47%, grade D, #1,182 of 2,144 statewide, top 55%, 596 students, 76% FRL); Spanish River Community High School (math 64% / reading 74%, grade B, #63 of 667 statewide, top 10%, 2,578 students, 25% FRL) — zoned schools at 50% FRL track the district average.
• Market conditions: Rents rising fast (+4.3%/yr); 541 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $570 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $23k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $8k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $80,025 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.56% ✓
• Cap rate: 13.39%
• Cash-on-cash: 25.35%
• DSCR: 2.13
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.28% rent growth · sell at horizon

5-year hold

• IRR: 21.5%
• Equity multiple: 1.90×
• Total profit: $20,867
• Equity at exit: $12,301

10-year hold

• IRR: 31.0%
• Equity multiple: 4.09×
• Total profit: $71,430
• Equity at exit: $7,133

Cash invested: $23,100 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33484

• Rents YoY: 4.3%
• Active inventory: 541
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $2,110 high
• Mortgage (P&I): −$433
• Tax from tax record: −$30 /mo · $363/yr
• Insurance: −$34
• HOA: −$682
• Vacancy / Maint / Mgmt: −$443
• Net cashflow: $488

Break-even live

Break-even rent $1,493

Max offer price $82,500

Occupancy floor 72%

Sensitivity live

Price	-10% $535	-5% $511	+0% $488	+5% $465	+10% $441
Rent	-10% $321	-5% $405	+0% $488	+5% $571	+10% $655
Rate	-1.0pp $529	-0.5pp $509	base $488	+0.5pp $467	+1.0pp $445

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $20,625
• Closing costs: $2,475
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
542 Normandy Ln Unit 542 Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.03mi
452 Normandy J Unit J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.08mi
452 Normandy J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.08mi
930 Normandy T Delray Beach, FL	1.0	1.5	760	$2,800	$3.68	8d	1	0.08mi
949 Normandy Trl Unit 949 Delray Beach, FL	2.0	2.0	907	$3,500	$3.86	25d	1	0.09mi
595 Normandy M Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	25d	1	0.13mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	16d	1	0.13mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	25d	1	0.13mi
812 Burgundy Q Delray Beach, FL	2.0	2.0	907	$1,799	$1.98	25d	1	0.16mi
548 Burgundy L Delray Beach, FL	2.0	2.0	902	$1,900	$2.11	8d	1	0.16mi
767 Burgundy P Delray Beach, FL	2.0	2.0	902	$1,550	$1.72	25d	1	0.16mi
599 Burgundy M Delray Beach, FL	3.0	2.0	1097	$2,100	$1.91	4d	1	0.16mi
519 Burgundy K Delray Beach, FL	1.0	1.5	760	$2,400	$3.16	25d	1	0.16mi
313 Burgundy G Delray Beach, FL	2.0	2.0	907	$2,050	$2.26	25d	1	0.16mi
416 Burgundy N Unit I Delray Beach, FL	1.0	1.5	760	$2,100	$2.76	25d	1	0.17mi
468 Capri J Delray Beach, FL	2.0	2.0	910	$1,400	$1.54	25d	1	0.18mi
66 Capri B #66 Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	19d	1	0.18mi
15235 Lakes of Delray Blvd #299 Delray Beach, FL	2.0	2.0	900	$1,975	$2.19	19d	1	0.18mi
66 Capri B Unit B Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	15d	1	0.21mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	25d	1	0.22mi
115 Capri B Unit 115 Delray Beach, FL	2.0	2.0	1044	$2,000	$1.92	25d	1	0.22mi
98 Capri C Delray Beach, FL	1.0	1.5	795	$1,695	$2.13	25d	1	0.25mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	18d	1	0.26mi
120 Normandy C Delray Beach, FL	1.0	1.5	760	$1,575	$2.07	0d	1	0.26mi
15109 Ashland Dr #323 Delray Beach, FL	2.0	2.0	998	$3,500	$3.51	25d	1	0.27mi
207 Capri E #207 Delray Beach, FL	2.0	2.0	910	$1,700	$1.87	8d	1	0.29mi
15108 Ashland Dr #215 Delray Beach, FL	2.0	2.0	900	$2,000	$2.22	25d	1	0.32mi
481 Burgundy K Delray Beach, FL	2.0	2.0	902	$1,700	$1.88	25d	1	0.34mi
509 Capri Dr Unit 509 Delray Beach, FL	2.0	2.0	910	$2,500	$2.75	3d	1	0.39mi
507 Capri Dr Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	25d	1	0.39mi
15449 Lakes of Delray Blvd #207 Delray Beach, FL	2.0	2.0	976	$2,950	$3.02	25d	1	0.39mi
15469 Lakes of Delray Blvd #102 Delray Beach, FL	2.0	2.0	976	$3,000	$3.07	25d	1	0.39mi
15090 Ashland Pl Delray Beach, FL	2.0	2.0	900	$2,300	$2.56	0d	1	0.41mi
5220 Las Verdes Cir #101 Delray Beach, FL	2.0	2.0	876	$1,950	$2.23	6d	1	0.43mi
522 Capri K Unit K Delray Beach, FL	1.0	1.5	730	$1,350	$1.85	25d	1	0.43mi
15072 Ashland Pl #132 Delray Beach, FL	2.0	2.0	1100	$2,100	$1.91	20d	1	0.43mi
15072 Ashland Pl Delray Beach, FL	2.0	2.0	1000	$2,048	$2.05	0d	2	0.43mi
5220 Las Verdes Cir Delray Beach, FL	2.0	2.0	963	$1,825	$1.90	23d	2	0.44mi
556 Capri L Unit L Delray Beach, FL	2.0	2.0	910	$1,575	$1.73	25d	1	0.44mi
39 Burgundy a Delray Beach, FL	2.0	2.0	902	$1,400	$1.55	25d	1	0.44mi

HOA detail condo

• Monthly dues: $682 · $8,184/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-21
   days on market $82,500 Active 38 DOM
2. 2026-06-18
   days on market $82,500 Active 35 DOM
3. 2026-06-17
   days on market $82,500 Active 34 DOM
4. 2026-06-16
   days on market $82,500 Active 33 DOM
5. 2026-06-15
   days on market $82,500 Active 32 DOM
6. 2026-06-13
   days on market $82,500 Active 30 DOM
7. 2026-06-09
   days on market $82,500 Active 26 DOM
8. 2026-06-08
   days on market $82,500 Active 25 DOM
9. 2026-06-07
   days on market $82,500 Active 24 DOM
10. 2026-06-04
    pricedays on market $82,500 Active 21 DOM
11. 2026-06-03
    days on market $90,000 Active 20 DOM
12. 2026-06-02
    days on market $90,000 Active 19 DOM
13. 2026-06-01
    days on market $90,000 Active 18 DOM
14. 2026-05-31
    days on market $90,000 Active 17 DOM
15. 2026-05-14
    listed $90,000 Active
16. 2026-04-28
    historical
17. 2026-03-02
    price $90,000
18. 2026-02-14
    historical $2,300
19. 2026-01-22
    price $95,000
20. 2025-12-19
    price $115,000
21. 2025-12-04
    listed $130,000 Active
22. 2025-11-05
    listed $2,300
23. 2004-10-19
    soldstatus $60,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $363 · $30/mo
• Projected year-2 tax: $685 · $57/mo
• Expected delta: +$322/yr (+$27/mo · 88.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 6 d/yr ≥107°F today · 22 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,324
• − Mortgage interest: −$4,621
• − Property taxes: −$363
• − Insurance: −$412
• − Repairs & maintenance: −$2,026
• − Management: −$2,026
• − HOA: −$8,184
• − Depreciation: −$2,400
• Taxable income: $5,292
• Est. tax owed @ 24.0%: −$1,270
• After-tax cash flow: $4,585/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Palm Beach
• NCES district ID: 1201500
• Math proficiency: 46% ▼ -16.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $53,943
• Composite: 42.72/100
• National rank: #3160
• State rank: #34 of 73 in FL

Livability — Delray Beach

• Score: 77/100
• State rank: #202
• US rank: #3160

Category grades

Amenities F Commute A- Cost of living C- Crime D- Employment B+ Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Palm Beach County · 1,438,312 people
• City population: 123,167
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 26,208
• Household income: $62,151
• Rent vs Own: 19.0% rent · 81.0% own
• Severe rent burden: 991.0

Population outlook (Palm Beach County) Hauer SSP2

• Today (2025): 1,637,487 people
• By 2030: 1,743,255 · +6.5%
• By 2040: 1,948,712 · +19.0%
• By 2050: 2,132,979 · +30.3%
• By 2075: 2,530,027 · +54.5%
• By 2100: 2,706,979 · +65.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 14% Two or more races 10% Black 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 2% Cuban 2%
• Common ancestry: Scotch-Irish 7% Romanian 6% Italian 2%
• Foreign-born: 23% · Canada, Jamaica, China
• Languages at home: 76% English-only · Spanish 13% Russian/Polish/Slavic 3% French/Haitian/Cajun 3%

Political lean MEDSL · Palm Beach

• 2024 margin: Toss-up / Even · D 50.0% · R 49.2%
• 2008→2024 swing: -22.1pp toward R · 2008: 22.9pp · 2024: 0.8pp
• All cycles: 2024: D+0.8 2020: D+12.8 2016: D+15.3 2012: D+17.0 2008: D+22.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -232.73%
• Current HPI: 254.5016
• Rent YoY: ▲ 4.28%
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+50.0% since first listed

9 events — show timeline

• 2026-05-14 Listed $90,000 Beaches MLS
• 2026-04-28 Listing Removed — Beaches MLS
• 2026-03-02 Price Changed $90,000 Beaches MLS
• 2026-02-14 Rental Removed $2,300 RMLSFL
• 2026-01-22 Price Changed $95,000 Beaches MLS
• 2025-12-19 Price Changed $115,000 Beaches MLS
• 2025-12-04 Listed $130,000 Beaches MLS
• 2025-11-05 Listed for Rent $2,300 RMLSFL
• 2004-10-19 Sold (Public Records) $60,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $363 · +5.3% YoY. Source: county tax records.